European Parliament Library

Tax Policy Reforms 2022

This is the seventh edition of Tax Policy Reforms: OECD and Selected Partner Economies, an annual publication that provides comparative information on tax reforms across countries and tracks tax policy developments over time. The report covers the tax policy reforms introduced or announced in 71 member jurisdictions of the OECD/G20 Inclusive Framework on Base Erosion and Profit Shifting, including all OECD countries, for the 2021 calendar year. In addition to providing an overview of tax policy reforms, and the macroeconomic and tax revenue context in which measures were introduced, the report also contains a Special Feature that examines government responses to rising energy prices and offers some policy recommendations in the event that prices remain high
Table Of Contents
Intro -- Foreword -- Reader's Guide -- Executive Summary -- 1 Macroeconomic background -- 1.1. Global growth, labour market and investment trends -- 1.1.1. Global growth recovered strongly in 2021 from the COVID-19 crisis -- 1.1.2. Labour market conditions returned towards the pre-crisis situation -- 1.1.3. The rebound in private consumption brought a quick recovery but also contributed to higher inflation -- 1.1.4. Investment picked up in 2021 -- 1.2. Public debt and budget balances -- 1.2.1. Budget balances started to normalise in 2021 but public debt ratios remained high -- 1.3. Trends in income inequality -- 1.3.1. While income inequality had been decreasing before the crisis, the impact of the pandemic on inequality remains uncertain -- References -- Notes -- 2 Tax Revenue Trends -- 2.1. Trends in tax revenue levels -- 2.1.1. Variance in tax revenues remains large despite continued narrowing -- 2.1.2. The COVID-19 pandemic had a notable impact on tax-to-GDP ratios -- 2.2. Trends in the composition of tax revenues -- 2.2.1. The composition of tax revenues has remained relatively stable -- 2.2.2. There is notable variation in the composition of countries' tax revenues -- 2.2.3. Tax structures appear to have changed in the face of the economic impact of the COVID-19 pandemic -- References -- Notes -- 3 Tax Policy Reforms -- 3.1. Personal income tax and social security contributions -- 3.1.1. PIT and SSCs are major sources of tax revenue -- 3.1.2. Taxes on labour income continued to decline on average in 2020 -- 3.1.3. Top PIT rate increases and PIT rate reductions for low- and middle-income households have raised the progressivity of tax systems -- Very few countries increased their top PIT rates in 2021 to raise the progressivity of their tax systems -- Countries continue to cut PIT rates for low and middle-income earners
Literary Form
non fiction
1st ed.
Physical Description
1 online resource (143 pages)
Specific Material Designation
Form Of Item

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